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Business News/ Companies / Company Results/  IRFC Q2 Results: Net profit drops 9% to 1,549 crore, revenue up 16% YoY; dividend declared
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IRFC Q2 Results: Net profit drops 9% to ₹1,549 crore, revenue up 16% YoY; dividend declared

IRFC Q2 Results: The Indian Railway PSUs' revenue from operations in the second quarter of current fiscal stood at ₹6,766.32 crore, registering a growth of 16 per cent, compared to ₹5,809.8 crore in the year-ago period.

IRFC reported a net profit of ₹1,549.87 crore in the September quarter. Photo: Ramesh Pathania/MintPremium
IRFC reported a net profit of 1,549.87 crore in the September quarter. Photo: Ramesh Pathania/Mint

IRFC Q2 Results: Indian Railways Finance Corporation (IRFC) announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Thursday, November 2, reporting a drop of 9 per cent in net profit at 1,549.87 crore, compared to 1,714.28 crore in the corresponding period last year. 

The Indian Railway PSUs' revenue from operations in the second quarter of current fiscal stood at 6,766.32 crore, registering a growth of 16 per cent, compared to 5,809.8 crore in the year-ago period.

The company also declared an interim dividend of 0.8 per equity share of 10. The record date has been finalised as November 10, 2023. In the preceding April-June quarter, IRFC declared a total dividend of 1,960.28 crore which worked out to 30.93 per cent of profit after tax for FY 2022-23.

Also Read: IRFC Q1 Results: Net profit falls 6.3% on year to 1,556.6 crore

IRFC's board has approved for insertion of new clause in the lease agreement of rolling stock for the FY 2022-23 as under: "At any time during the currency Of this agreement, the Lessee may request for early transfer of any of the leased assets to MOR during the primary lease period subject to statutory compliances including Accounting Standards,'' said IRFC in a regulatory filing to the stock exchnages.

‘’Further, any such early transfer of the leased asset to MOR shall be at prices computed and at other terms & conditions as mutually agreed upon between the lessor and the lessee. Furthermore, on account of this early transfer of the leased assets, the lessee shall be responsible to pay all taxes, levies, charges and duties as applicable,'' it added. The company disbursed an amount of 32,392.63 crore in FY23 to the Indian Railways.

Ahead of the announcement of Q2FY24 results, shares of IRFC settled 0.18 per cent higher at 73.06 apiece on the BSE.

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Published: 02 Nov 2023, 06:23 PM IST
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